Japan's Yumeshima Phase 2 RFP launches in Osaka
Japan has launched bidding for a project worth around JPY1 trillion ($6.2 billion), with Osaka authorities formally starting a request for proposal (RFP) process for Phase 2 of Yumeshima, the artificial island that will be home to MGM Osaka. Osaka authorities are seeking a development partner to transform the former Expo 2025 site into a new international tourism and entertainment hub alongside the future MGM Osaka integrated resort.
Osaka Prefecture and Osaka City announced on Friday (3 July) that they are inviting proposals through a two-stage public selection process for the Yumeshima Phase 2 development project, covering more than 42 hectares of commercial development land on the artificial island in Osaka Bay, Japan.
The project forms a key part of Osaka’s long-term vision for Yumeshima and follows the completion of the Yumeshima Phase 2 Area Master Plan Version 3.0, which outlines how land previously used for Expo 2025 Osaka Kansai will be redeveloped into a major tourism, entertainment and business destination in Japan.
Osaka seeks developer for Yumeshima Phase 2
Under the recruitment process, Osaka authorities will select a developer to undertake the large-scale redevelopment of the Yumeshima Phase 2 site, excluding areas reserved for the Osaka Healthcare Pavilion legacy project and a planned memorial park.
The sale portion of the development site comprises approximately 420,062 square metres of land zoned for commercial and international tourism uses. An additional 4,011 square metres will be made available through a lease arrangement.
Authorities said the successful developer will be expected to help expand the economic and tourism benefits of Yumeshima beyond the integrated resort precinct, creating a major growth hub capable of driving development across Osaka’s waterfront districts and strengthening Japan’s position as a leading tourism destination in Asia.
“The aim is to spread the effects of urban development in the Yumeshima Phase 2 area to the surrounding areas and contribute to the formation of a major hub on the east-west axis that will lead Osaka’s growth and development,” Osaka officials said (translated to English).
Two-stage Yumeshima Phase 2 RFP process unveiled
The Yumeshima Phase 2 RFP will be conducted through a two-stage evaluation process. The first stage will assess development concepts and utilisation plans submitted by bidders. A selection committee comprising external experts will review proposals against criteria set out in the master plan and identify projects considered to be excellent proposals.
Only bidders that successfully pass the first stage will advance to the second stage, where a competitive price proposal process will determine the preferred developer.
The winning bidder will be required to submit the highest qualifying offer above the government’s minimum land price, which is scheduled to be announced on 14 September 2026. Proposal submissions will be accepted between 12 January and 15 January 2027, with the first-stage evaluation expected in early February 2027 and the final price review scheduled for 17 February 2027.
Yumeshima Phase 2 supports MGM Osaka growth plans
The launch of the Yumeshima Phase 2 development process represents another significant milestone in Osaka’s wider redevelopment strategy centred on the island. Yumeshima is already home to the under-construction MGM Osaka integrated resort, a JPY1.51 trillion ($9.33 billion) project being developed by MGM Resorts International, Orix Corporation and a consortium of Japanese investors. The resort remains on track for its planned 2030 opening and is expected to become Japan’s first casino-integrated resort.
Master plan shaped by Expo 2025 legacy
The current recruitment process follows years of planning and consultation involving government agencies, business groups and Expo stakeholders. The original Yumeshima Phase 2 concept was refined through several master plan revisions, culminating in Version 3.0, which was finalised in June 2026.
The latest plan incorporates recommendations from the 2025 Japan World Exposition Outcome Verification Committee and includes provisions for legacy infrastructure, future tourism facilities and the continued use of key Expo assets.
The redevelopment vision focuses on creating an international tourism hub that combines entertainment, advanced technology, sustainability initiatives and commercial development while preserving elements of the Expo legacy.
Previous bidders combine forces ahead of selection
The launch of the RFP follows the merger of two consortiums that had previously submitted proposals for the site. The groups, led respectively by Obayashi Corporation and Kanden Realty & Development Co Ltd, announced in May that they would combine their efforts for the next phase of the redevelopment process.
Earlier concepts submitted by the consortiums included proposals for luxury hotels, entertainment venues, water attractions, motorsport facilities, commercial developments and large-scale event infrastructure.
Local business organisations have largely backed the combined proposal approach, arguing that a unified vision is better suited to a project expected to attract investment of around JPY1 trillion ($6.2 billion).
The Yumeshima Phase 2 recruitment process comes amid broader efforts to transform the island into a major international gateway. Japanese authorities recently revealed plans for a new ferry and cruise terminal on Yumeshima, designed to improve maritime access ahead of MGM Osaka’s opening.
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